United Arab Emirates

Over the last half century, the Middle East has been a cornerstone in South Korea’s rapid economic development, or what has become known as the ‘miracle on the Han river’ – a reference to the waterway that carves its way through Seoul.

Korean expertise in fields such as transportation, construction and technology can help the Middle East accelerate towards a future beyond oil. The relationship has deep historical roots. Read more

The news that Dubai has overtaken London Heathrow as the world’s busiest international airport is a timely reminder that not all Middle East economies are dependent on energy as a mainstay of growth and job creation.

With oil prices plunging 60 per cent, much attention is justifiably focused on the Middle East’s traditional dependence on hydrocarbons. But it is easy to overlook a few oases of economic activity that are not only uncorrelated with oil but also starting to achieve meaningful, critical economic mass. Read more

Emirates NBD, Dubai’s biggest bank, reported a 30 per cent increase in net profit in the first half as the emirate’s economy grows amid regional unrest.

But its main shareholder, the indebted Dubai government, continues to raid its piggy bank. In the past six months, Dubai borrowed an extra Dh7bn from the lender, in which it holds a 55.6 per cent stake, extending its overdraft to Dh98.6bn ($26.8bn.) Read more

Young Arabs are increasingly turning their backs on cushy public sector jobs in favour of working for private companies and starting their own businesses, a survey in 16 countries has found.

There has also been an erosion in optimism that the “Arab spring” uprisings in recent years against authoritarian governments across the region will translate into better lives for ordinary people, the survey found. Read more

The competitition to attract financial business in the Gulf is hotting up.

Dubai’s financial centre says it will slash telecommunications rates as it seeks to sustain growth amid increasing competition from neighbours such as Abu Dhabi, Qatar and Saudi Arabia.

The DIFC is set this year to roll out a technology transit zone within its data centre, offering prices that can compete with London and other western cities to ease costs for trading desks and asset managers. Read more

Socially-conservative Sharjah, the third largest economy in the United Arab Emirates, is showing a bit of leg – financially speaking.

The emirate bans alcohol and enforces a modest dress code, marking Sharjah out from its flashier neighbour, bling-tastic tourist magnet Dubai. But the education- and culture-focused emirate has stepped out, opening its books to credit agencies. Paving the way for a potential sovereign bond, Standard & Poor’s and Moody’s on Wednesday issued it long-term sovereign credit ratings of A and A3, respectively. Read more

For centuries, the Middle East provided obvious trade hubs for merchants as they travelled between the east and the west. This pattern is being repeated now, as air travel in emerging markets takes off. The focus of the airline industry is shifting eastwards and the Middle East’s prime location at the crossroads between Asia, Africa and Europe means it is once again an important gateway for travel.

Majid Al Futtaim, the malls operator that brought an indoor ski slope to Dubai, is seeking to double revenues over the next five years by bringing Carrefour markets and mega-malls to more countries across the broader region.

Having expanded across 12 countries in the Middle East, North Africa and central Asia, the retailing giant is scouting four out of the 14 sub-Saharan African countries for which it holds Carrefour franchisee rights. Read more

Dubai may be celebrating getting the 2020 World Expo, but is it a poisoned chalice?

After the crash of 2008 and subsequent sovereign debt crisis, surely the Expo is a welcome boost? As Simeon Kerr reports for the FT, “Dubai’s commercial sector anticipates it will give an estimated €28.8bn economic boost and create some 277,000 jobs.” What’s not to like?

In its annual review of country classification, MSCI removed Greece from its developed markets index and reclassified it as an emerging market. The Athens Stock Exchange has shed nearly 83 per cent of its value since 2008. Read more

The Gulf is set for economic growth and accumulation of financial reserves in 2013 says the Institute of International Finance.

Sound familiar? Well that’s because most macroeconomic forecasts make similarly rosy forecasts for the oil-rich region. But the IIF, the world bankers’ club, warns that the good times may not last – and the region’s governments need to pursue economic reform before the outlook changes. Read more

Dubai is hoping to double its number of tourists to 20m by the end of the decade as it attracts visitors from new markets and cultivates return guests to the seventh most popular travel destination in the world, write Simeon Kerr and Camilla Hall.

Dubai is renowned for its indoor ski-slope, boasting a black run for experienced skiers and a parcel of penguins for the kids. Ski Dubai is one of the emirate’s biggest attractions, particularly popular with tourists from the parched Gulf.

But its upstart neighbour, Ras al-Khaimah, says it plans to go one better: building a winter resort in its craggy mountains that will offer sweeping open-air runs. Read more

Companies listed on exchanges in the United Arab Emirates are failing to show potential investors that their corporate governance policies are stringent enough for a new era of compliance, according to a study, reports Simeon Kerr.

The Red Flag Group, a compliance consultancy, surveyed publicly available information issued by listed groups in the UAE, ranking them on eight metrics related to corporate governance, such as the publication of codes of conduct and the identification of their compliance officers. Read more

Banks and investment companies are increasingly targeting the United Arab Emirates to attract funds into Indian equities as they seek to capitalise on its large population of wealthy Indians and close trade links, writes Camilla Hall.

Natixis global asset management launched a new Indian equity fund in the UAE last month while Dubai’s Gold & Commodities Exchange set up a new derivative to allow investors to track India’s stock market. Read more